Energy Market Updates

A slew of data today had Futures up strong for much of the day while gasoline danced around the flat area as it decided how to digest all the news. First and foremost, any hurricane premium added to the market kept prices lower as Irene appears to be slicing it's way towards New England. Good for the Oil industry, not so good for our neck of the woods. Landfall is now expected to be Sunday night or Monday morning with potential of a CAT 3 hurricane. Inventories released today where also actually slightly bearish as compared to API's last night. The Crude draw of 2.2 mbls was substantially less than the 5 mbl draw reported last night. Gasoline and distillates also added 1.7mbl and 1.4mbl respectively. As reports of Junes durable goods orders being a modest 4% increase hit the wires, a fresh round of buying hit the pits as this is a good sign of an improving economy, but muting that news was a weakening housing report that showed values dropping yet again. All eyes will now be on Friday as the FED is expected to speak again. At the close, Crude actually lost .28 to $85.16 while RBOB added a mere .0018 to $2.8784 and HEAT gained .0182 to $2.9607.